Report Industry Investment Rating The provided content does not mention the report industry investment rating. Core View As blockchain technology integrates deeply with the traditional financial system, tokenization of Real-World Assets (RWA) has become a key path to connect "on-chain value" and "offline entities." RWA bonds, with "real - asset credit anchoring" and "blockchain technology empowerment," are reshaping the operation logic of the traditional debt - financing market. The report comprehensively analyzes RWA bonds, including their definition, operation mechanism, comparison with traditional bonds and ABS, global policy and regulatory frameworks, typical cases, and investor participation paths [12]. Summary by Related Catalogs RWA Bond Core Definition - Concept: RWA bonds tokenize the creditor's rights of real - world assets with stable cash flows into standardized debt - financing tools using blockchain technology. They have "dual - anchoring" features, anchoring both the underlying asset's cash flow and the smart - contract - defined distribution rules, and are classified as "security tokens" subject to securities regulations [13][14]. - Underlying Asset Types: They include financial assets (e.g., accounts receivable, corporate loans, and national debts), physical assets (e.g., real estate, infrastructure, charging piles, and photovoltaic power stations), and equity assets (e.g., carbon emission rights, intellectual property rights, and art revenue rights) [15][16]. RWA Bond Operation Mechanism - Asset Confirmation and Pooling: Non - standardized assets use a consortium chain for multi - node verification to generate "on - chain ownership certificates" and then package them into an asset pool. Standardized financial assets are confirmed through a licensed custodian and directly mapped on - chain [19][21]. - Chain Mapping and Token Generation: Non - standardized assets need to disassemble and map rights and interests, and then issue tokens according to a special standard. Standardized financial assets are directly mapped and use a general - purpose token standard [22][25]. - Trading, Circulation, and Settlement: Non - standardized assets can be traded on compliant centralized or decentralized exchanges, and the settlement is completed through smart contracts. Standardized financial assets are traded on high - frequency platforms, and the settlement is also fast, with a T + 0 arrival [26][30]. - Income Distribution and Asset Monitoring: For non - standardized assets, IoT and oracles are used to collect data and distribute income automatically. For standardized financial assets, the income distribution is more simplified, and the asset monitoring focuses on price and ownership risks [31][34]. Comparison with Traditional Bonds and ABS - Compared with ABS: RWA bonds are more efficient and intelligent, with an automated operation mode, 7×24 - hour second - level settlement, full - chain real - time transparency, and a lower investment threshold [2][38]. - Asset Feature Comparison: RWA bonds have a wider range of underlying assets, a more advanced technological foundation, and higher information transparency than traditional bonds and ABS. However, traditional bonds have a more mature regulatory system, and ABS has a more established approval process [44][45]. Global RWA Bond Policy and Regulatory Framework - US: It has evolved from technology exploration to institutional dominance. The CLARITY Act provides a dynamic regulatory framework, and technological upgrades and institutional capital inflows have driven market growth [48][50]. - Europe: It has moved from infrastructure pilots to a unified MiCA framework. MiCA clarifies the legal attributes of RWA tokens and provides a unified license, while technological improvements meet institutional requirements [51][54]. - China: It features a dual - track approach of cautious pilot projects in regions excluding Hong Kong, Macao, and Taiwan, and international linkage in Hong Kong. Through rule recognition, asset interconnection, and technological interconnection, a unique RWA ecosystem is being built [55][59]. RWA Typical Cases - Shenzhen Futian RWA Digital Bond: Issued in 2025 with a scale of 500 million yuan and a coupon rate of 2.62%, it is the world's first public - offering RWA bond, listed on both the Macau Exchange and the Shenzhen Stock Exchange, with underlying assets of charging piles and office building revenue rights [3][60]. - Langxin Group Charging Pile RWA: In 2024, it was a Hong Kong sandbox project with a scale of 100 million yuan, anchoring the revenue rights of over 9000 charging piles, and was the first domestic new - energy RWA [3][63]. - GCL New Energy Photovoltaic Power Station RWA: In 2024, it issued 200 million digital tokens corresponding to the revenue rights of an 82MW photovoltaic power station, bundling carbon - reduction benefits, and using a "two - chain and one - bridge" architecture [3][64]. RWA Bond Investor Participation Path and Threshold - Primary Market Subscription: Institutions in regions excluding Hong Kong, Macao, and Taiwan can directly connect with overseas licensed underwriters or indirectly subscribe through domestic QDII products [68]. - Secondary Market Trading: They can trade through the Hong Kong MOX, the Shenzhen Stock Exchange Cross - border Connect, or licensed digital exchanges, with different risk - level bond trading requirements [69][70].